Trans-Asia Oil and Energy Development Corp (TA Oil) has acquired the stake of partner Holcim Philippines Inc in a power plant in Bulacan province.
In a disclosure to the Philippine Stock Exchange, TA Oil said that it "signed a share purchase agreement for the purchase by Trans-Asia of Holcim's 50 per cent stake in Trans-Asia Power Generation Corporation." The deal gives Trans-Asia full ownership of the power firm.
Prior to the conclusion of this transaction, Holcim was in a joint venture with TAPGC in the operation of a 52MW power plant in Norzagaray, Bulacan.
The power plant provides all the electricity requirements of Holcim’s cement plant in Bulacan. Excess output is sold to the Wholesale Electricity Spot Market. (Source: Manila Bulletin).